In order to implement the requirements of the “Opinions of the State Council on Further Improving the Quality of Listed Companies”, the China Securities Capital Market Legal Service Center (CSIC Legal Service Center for short) created and demonstrated the “loss calculation+model judgment+dispute resolution” full chain resolution mechanism. In 2020, it was commissioned by the court to approve losses for more than 8,000 investors, involving 18 listed companies. The approved loss amount was nearly 1.5 billion yuan, and the dispute resolution was remarkable. The implementation of this mechanism has facilitated investors' rights protection, improved the civil compensation system, strengthened the civil liability investigation mechanism for illegal violations of laws and regulations by listed companies, curbed and reduced the occurrence of capital market violations, and effectively helped improve the quality of listed companies.

Misrepresentation disputes have characteristics such as a large number of people involved, mixed claims from investors, and difficulties in determining losses, which place higher demands on the professionalism of mediation and resolution efficiency. The China Securities Legal Service Center actively summed up the experience and explored and formed a complete set of scientific operation procedures and document templates including intellectual loss approval, promotion of model judgment, commissioning mediation, and feedback on mediation results. It has achieved remarkable results in resolving the country's first model judgment, Fangzheng Technology Securities's misrepresentation dispute, providing a model sample for the promotion and replication of this mechanism. Relying on the litigation mediation and docking network established with 42 middle and higher people's courts across the country, the China Securities Legal Service Center has continuously stepped up its promotion and replication efforts. Currently, it has accepted 23 loss approval requests from 16 courts across the country, with more than 10,000 approved investors and approved a total loss amount of more than 1.8 billion yuan. The resolution of disputes in parallel cases following nearly 2,000 model judgments is progressing steadily.

Listed companies are the cornerstone of the capital market, and improving the quality of listed companies is the foundation and fundamental path for protecting investors' rights and interests. In the next step, the China Securities Legal Service Center will earnestly implement the spirit of the Fifth Plenary Session of the 19th Central Committee, follow the deployment and requirements of the Financial Services Commission, the Securities Regulatory Commission and the Submission Center of the State Council, use the implementation of the new securities law as a guide, explore the development of intelligent loss approval functions such as insider trading and market manipulation, optimize the coordination mechanism between model judgment and dispute mediation, and promote the in-depth development of the “loss calculation+model judgment+dispute mediation” full-chain resolution mechanism to support and establish standards for special representatives in litigation Transparent, open, dynamic and resilient capital The market made its due contribution. (Zhu Kai)